Rockytime, just my general purpose square tool will take a 0.050" deep roughing cut in 12L14 on my Sherline lathe as shown below:
View attachment 241311
My tool for mild steel has a bit more side rake and will take 0.060" in a single pass without chattering.
EDIT: I should answer your question as to how I do that. I increase the relief and side rake angles but keep the back rake angle near baseline. This reduces cutting forces significantly while also focusing those cutting forces at the forward area of the side cutting edge. A Sherline lathe is pretty light and cannot handle the cutting forces a standard geometry tool produces but give it a little help with the geometry and it becomes capable of much more. The same is true for all lathes, not just a little Sherline.